Hazlet Town Center at 3010-3070 Route 35 in Hazlet — Courtesy: Onyx Equities
By Joshua Burd
Onyx Equities has secured approvals to modernize a 200,000-square-foot shopping center in Hazlet, as it touts the completion of 100,000 square feet of leasing activity at the site.
The developer and investor, which owns Hazlet Town Center in partnership with a fund managed by Siguler Guff & Co., said work is set to begin on upgrades such as new pylon signage, lighting modernization and landscaping enhancements. That work is slated to be complete by the end of this year, as the owners look to capitalize on the center’s location on Route 35.
Meantime, the firms have inked new leases with tenants including Aldi and Burlington Coat Factory, which committed to 20,980 and 41,525 square feet, respectively. Equity Retail Brokers and CNS Real Estate served as the respective tenant brokers in those deals.
“Our highest-and-best-use retail market knowledge aligned perfectly with the township’s goals in this redevelopment zone, which is to create the market’s premier shopping center,” said Matthew P. Flath, vice president of asset management at Onyx Equities. “We are excited to announce that our renovation plans have already attracted an esteemed group of new tenants.”
Hazlet Town Center sits at 3010-3070 Route 35. Other new leases include:
- 4,212 square feet with a drive-thru by Panera Bread, which was represented by Ripco Real Estate
- 5,585 square feet by Wawa, which was represented by The Goldstein Group
- 1,275 square feet by Great Clips, which was represented by ARD Real Estate
- 2,080 square feet by Quest Diagnostics, which was represented by The Goldstein Group
- 19,215 square feet by Planet Fitness, which will relocate and expand within the center
The Goldstein Group’s Lew Finkelstein and CJ Huter make up the leasing team at Hazlet Town Center, which Onyx and its partner acquired in 2016. Formerly anchored by Kmart and Pathmark, the property sees daily traffic of more than 42,000 vehicles along Route 35, presenting what the joint venture saw as a value-add opportunity.
Other planned upgrades include new interior directional signage, parking field improvements and façade upgrades, with landscaping enhancements slated to include the addition of more than an acre of new green space.
Existing tenants include Bank of America, TGI Friday’s, GNC, GameStop and Sally Beauty.